UPDATE: Deutsche Bank Raises PT to $32 on Brown & Brown on Revenue Improvement

Deutsche Bank reiterated its Buy rating on Brown & Brown BRO and raised the price target from $30.00 to $32.00. Deutsche Bank commented, "While evidence was delayed a few quarters, Brown & Brown's 4Q12 internal revenue growth reflected the slow recovery of the U.S. economy and improved P&C pricing. Brokerage growth of 5.0% understates our expectations for 2013 growth (+8.9% in 1Q13, +7.2% in FY2013) as the Arrowhead acquisition and Zurich auto aftermarket business boost internal revenue growth." Brown & Brown closed at $28.97 on Monday.